Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1887-06-16
BREAK I'm ooFFBs
oau.cs four Firms 20 suspend One
wth E,lnbilisaes az st,000,O00.

D&UnoM Rout EhEt "
wi,h Liabilities az st,eeosooV'
The board. room Of the Coffee Exchange
In New York was the sceue Monday, OF
one OF the most exciting breaks In prices
that has ever been seen In the history OF
the coffee trade. Enormous dealings
aocompanied a decline Of from TO nearly
o cents, or 800 to nearly 600 points, and
four failures were announced.
The break marked the elimination OF
the big ,tbull" deal, which carried the
price OF coffee up 10 % cents pound,
and the New York spectators are wear
ing the soalps OF Brazilian speculators at
their belts. Heavy losses have been IN
jiicted, but they are believed 10 fall In
The main upon speculative operators.
The houses which are compelled to an.
nounoe their suspension were Arnold q
Co., Maokey a Small, Norton, Weyl
Beyan and W. j. Norton y 90. The tail-
ure of Arnold 4 90. is'by far the heaviest.
They are generally understood 70 have
been the brokers in this market for the
syndicate of Brazilian and French ope-
rators which took up the bull side OF
coffee after the New York party left IL.
Mr.. Arnold said he did not know the
extent of the liabilities Of his firm. IL
was said by an authority, however, that
| they had been compelled to furnish from
81 ,O00, 900 to 81 ,500,00 in additional
margins since Friday, and that 81 ,O0O, 900
would cover their liabilities. The firm
| is composed OF Benjamin g. and his son
Francis B. Arnold. MIR. Arnold, Dr.,
has been in the coffee trade for 40 years,
and failed in 1880 with liabilities Of
| az. 254, 1853. He settled with his credi-
| tors at 60 cents on the dollar. He was
| the first President of the Coffee Exchange.
The firm of Maokey & Small was
organized last August, Cyrus X. Small Of
the old firm of Small, Brothers u Co.,
becoming junior partner. Mr.. Mackey
at one time was partner with Mr..
Arnold, Sr. Mr.. Mackey said his firm
would go into liquidation. The firm had
many contracts with Arnold IL Co., and
when that firm went under, II dragged
| Mackey q Small with them Mr.. Mackey
added that II the Arnold contracts pan
out sound Mackey y Small would be able
TO pay cent per cent.
Norton, Weyl Il Bevan is composed OF
Frank Norton, G. Z. Weyl and g. r.
Bevan. They succeeded ,,on June LIST W..
j. Norton d Co., and had offices in Balti-
more. Mr.. W. j. Norton's Baltimore firm
failed in 1883, and compromised OF 40
cents on the dollar. Mr.. Weyl also said
that heavy contracts with Arnold & Co.
had dragged his firm down, and that II
those contracts turned out well his firm
would pay in full. The liabilities Of
Mackey & Small and Norton, Weyl Il
Beyan are estimated at 100000.
THE BIG MEN HOLDING THE MARKET UP.
New YoRK, June l4.-The feeling in
the street among coffee brokers Ia
strongest this morning. Gables from
Havre and Rio note increase Of prices
standing at Havre two cents above the
New York quotations and cents above
at Rio. A private Havre cable dated to-
day at 1890 o. M, gives an advance Of
two francs or about 40 points in New
York market. All this tends to strengthen
the feeling on change.
The talk Of the street is the grand stand
of the ''old war house," j. j. O'Donohut
in staying the tide of yesterday, which
would have otherwise carried widespread
disaster. Mr.. 0'Donohue feels confident
He believes that the scene of yesterday
will not be repeated. Said he, cat leasl
one big house was very closely pushed
yesterday, and two others had a narrow
escape, but they are all right to-day. TIL,
big one has now 100000 in the bank Il
its credit, and will meet sll demands.
stand behind them and there is no danger
All feel that the market is now in stronger
hands. Buyers are beginning to thinl
the bottom is reached, and are sending il
orders. l have filled orders for II ,00C
bags this morning in the regular order o.
business. The Rio spectators, who Dol
stored up this boom are considered
shaky lot. They have way of dropping
on falling market.
| Spectators and brokers from Balti
more and Philadelphia are flocking int
the street to-day and general feeling Of
suppressed excitement rules. Brokers
are gathered together on the streets dis
cussing the situation this morning. The
stock market is weak and there are ap
pearances of the bull cliques unloading
on account of the unsettled state of the
coffee and wheat markets. Most of the
selling orders come from London and
are principally in Union Pacific, Erie,
Reading and st. Paul. The coffee market
opened firm 95 to 100 points or nearly /
cent per pound above yesterdays close
The feeling is much improved and the
general belief is that the worst is over.
w. II. Grossmnu A. Rrothers ors sus
tanning The market sfnrsly aud biddir
for 10000 bag lots At then vanced prices
July, SI7,l0 bid; August si7 81; Sep
tember, $l755; October, $17.75; No
vember, $17.95.
At the first call at the Coffee Exchange
this morning an excited crowd of broker
gathered about the board. The heay,
buyers of yesterday did not noticeably
appear to the front. The market wa
feverish and uncertain. The sales re
corded OF the first call, however, show al
advance on an average of one cent or IOC
points.
Fluctuations were great and wide
range of prices appeared for the sam,
months delivery. Outside the rail was ,
dense crowd Of clerks and small specula
tors who had come TO see the ruins an(
renect on the lost means of O summer
vacation. Inside the rail was excitement
Cables from Havre showing raise Of
80 points steadied the market, and in
fused temporary life into the crowd
Later cable from Rotterdam saying thai
sellers were reluctant TO sell at pfesent
prices, was received with cheers and
cries Of good enough" The local saleI
on the first call were 10000 bags.
A great deal of excitement is shown
among the brokers and speculators as Il
the prospects of a settlement of Arnold 4
70. and Mackey Il Small, the two firm,
who went to the ground in Yesterdays
panic.
When seen by 4 reporter Mr.. b G
Arnold said that his firm would not be
prepared to make a statement of theil
liabilities for some days to come. So fal
they had not heard from any of theil
customers.
Mr.. Small of the firm Of Mackey a
Small, said that they were also unable Ia
furnish a statement of their liabilities
The crisis is over" Mr.. Small said
land today | think we shall be able n
pay dollar for dollar. Our customars
will not suffer by our loss"
The street is full of rumors of trouble
among banks at Chicago and Cincinnati;
6ut kilograms from those places DENY
them.
RaRnT,1V nHsKS